A local thrift holding company has agreed to acquire a privately held state bank based in Maineville, Ohio.

Ameriana Bancorp, a $398 million-asset company, said it would pay about $3.7 million in a combination of cash, stock, and promissory notes to shareholders of Cardinal State Bank.

Harry J. Bailey, president and chief executive of Ameriana, said the $22 million-asset Cardinal State Bank acquisition would complement Ameriana's operations in nearby Deer Park, a suburb of Cincinnati.

Cardinal State Bank would become part of Ameriana's Deer Park Federal Savings and Loan Association, bringing the company's Cincinnati-area holdings to $100 million of assets. Ameriana also operates thrifts throughout central Indiana and owns Indiana Title Insurance Company.

The Cardinal State Bank acquisition is expected to close in the first quarter of next year, pending shareholder and regulatory approval.

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